Woodside’s annual general meeting has been disrupted by noisy protesters furious about a perceived lack of progress on climate change.
The oil and gas giant’s chief executive Meg O’Neill tried to drown out protesters with repeated promotional and sponsorship videos, as the activists blew high-pitched sport whistles during her opening remarks.
“We are not inclined to tolerate disruptions. We’re happy to field your questions, though we’ve got plenty of those videos,” Ms O’Neill told the meeting.
“Let’s show that (Fremantle) Dockers video again.”
The chief asked to cut to the promotional videos several times as protesters were removed.
“Well, I wish folks would have watched that video, because it really illustrates the point we’re trying to make,” Ms O’Neill said.
Woodside chair Richard Goyder later interrupted and called an end to questions on climate issues from environmental groups and concerned shareholders.
“I reckon we’ve given environmental issues a really good go today, so I’m not proposing to take any questions on that,” Mr Goyder said.
“Are there any questions from general retail shareholders in the room?”
In his opening address, Mr Goyder defended Woodside’s sustainability goals.
“We have not walked back from our climate targets and commitments,” he said.
“As outlined in our 2024 climate update, we are making good progress towards the targets we have set.”
The Conservation Council of WA called the move to cut off environmental questions “a slap in the face to shareholders and West Australians”.
“The lack of transparency and accountability reflected Woodside’s complete disregard for the growing tide of community push-back against its ongoing pursuit of new gas developments and poor environmental track record,” executive director Matt Roberts said.
Almost 20 per cent of shareholders voted against the re-election of director Ann Pickard, who is also chair of Woodside’s sustainability committee.
Just over 15 per cent voted against the adoption of the renumeration report.
The pattern of investor dissent indicated a serious governance problem at Woodside, Australasian Centre for Corporate Responsibility lead analyst Alex Hillman said.
“It is time for Ann Pickard to step aside as chair of the sustainability committee – not only does she not have the support of nearly 20 per cent of investors, but she has overseen two climate plans that have failed to win the support of investors,” Mr Hillman said.
“Alarmingly though, looking at the current board it is hard to see a director sufficiently qualified to take on this critical leadership role … which speaks to the weakness of this Woodside board on managing climate risk.”
Multiple environmental groups, proxy advisors and larger investors had called for shareholders to oppose Ms Pickard’s re-election.
Ms Pickard said the sustainability chair role wasn’t “the most popular job” and noted it would be her last term on the board.
“Throughout my career, I’ve been involved in climate change impact assessments,” she told the meeting.
“That’s one of the reasons I’ve been a big supporter of liquefied natural gas, as I see gas as a superb fuel to help transition us to a non-carbon world in the future and in the community.”
Market Forces senior analyst Brett Morgan said some investors had shown conviction by opposing Woodside’s growth strategy.
“Others are falling for corporate greenwash and failing to pressure the company to rein in its rampant expansion plans,” he said.
Greenpeace Australia Pacific chief executive David Ritter called on shareholders to reject Woodside’s plans to drill in Scott Reef off Western Australia’s coast.
He said it would turn the reef into an industrial gas zone, threatening nesting sea turtles and endangered pygmy blue whales.
In April, Woodside announced it would forge ahead with a $US17.5 billion ($A27.2 billion) Louisiana liquefied natural gas project, which it said would not impact its greenhouse gas emissions targets.
Australian Associated Press is the beating heart of Australian news. AAP is Australia’s only independent national newswire and has been delivering accurate, reliable and fast news content to the media industry, government and corporate sector for 85 years. We keep Australia informed.
